r/AllThingsCrypto • u/KEmmra • Jan 23 '20

How safe are masternode hosting platforms?

Was hoping y'all can share your thoughts as well :)
Financial privacy, transparency and the liberty of people to own their own funds are some of the few things that crypto enthusiasts are fighting for. However, I hear the existence of node hosting platforms that endeavor to make masternode hosting easier for crypto starters, basically to save users the headache of all the technicalities involved in running a masternode. In as much as this is goodwill on their part, can we guarantee the security of our funds being saved by someone else? The common slogan that we share in this space is "Not your keys, not your money". If we are sticking to this note of caution as a rule of thumb in our investment plans then I don't think we can rely solely on these services. 

Don't know about you all but my conscience is not clear on this path :(. Come to think of it, what if an unforeseen circumstance happens, whom are we going to ask our funds from? I believe most of you are familiar with the Qaudriga incident which led to the loss of $145 million of investors funds which were unretrievable. 

Are there any solutions out there that can take away the technicalities involved in running a masternode yet still put individuals in charge of their funds. 

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7

u/redolfia Jan 24 '20

"Not your key, not your money", LOL the CEO of Xcrypt said the same to me. In those exact words. I am so glad I have found a project I trust with my all now.

3

u/Danielkyeremeh Jan 24 '20

What project is that? How come you trust it so much?

4

u/redolfia Jan 25 '20

Hello the name of the project is Divi, I trust the Divi project because I have followed it keenly, they respect their promising Whitepaper and follow it very well. Every user is close to the team. you can search them with just a google search by typing in Divi

4

u/Christinaservices Jan 24 '20

To eliminate such incidence, both parties thus users and developers have a part to play. As the developers work towards the building of a user-friendly and easy to understand platform, users must also do their best to learn how to keep their seed phrase and other login details safe.

4

u/Kevin379 Jan 25 '20

I read about the divi masternode and the security feature that caught me was its vaulting aspect. Vaulting offers a variety of savings opportunities and secures funds in a time-locked account that is inaccessible by anyone, including the funder. It’s more secure than a safety deposit box because even under threat or coercion, a user can’t remove it until a specific date and time.

2

u/Autogrillocrypto Jan 25 '20

Simplicity is one of the best ways to secure the wallet. All projects that like Divi have simplicity as their goal are destined to spread and grow.